This website uses cookies to store information on your computer. Some of these cookies are used for visitor analysis, others are essential to making our site function properly and improve the user experience. By using this site, you consent to the placement of these cookies. Click Accept to consent and dismiss this message or Deny to leave this website. Read our Privacy Statement for more.

Edit This Favorite

Trump is ready to lift sanctions on aluminum producer Rusal

The Trump administration is ready to remove sanctions on Russian billionaire Oleg Deripaska’s aluminum company, United Co. Rusal, after reaching an agreement to significantly reduce his ownership stake, according to an article by Bloomberg.

Deripaska will remain under U.S. sanctions and his property will remain blocked, but the Treasury Department intends to remove financial restrictions on Rusal, En+ Group Plc and EuroSibEnergo JSC. The move will take effect in 30 days unless Congress blocks the action, Treasury said in a statement.

Treasury Secretary Steven Mnuchin said Rusal and the other companies will "be subject to ongoing compliance and will face severe consequences if they fail to comply."